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Tight supply, continuous fermentation, Brent crude oil rising again
2022-06-06
894
Basic analysis:
The market expects that the organization of Petroleum Exporting Countries (OPEC) will decide to slightly increase the production target compared with the plan, which will not increase the global supply too much. Moreover, after some regions relax the containment of the epidemic, the global supply should be tightened.
Ukoil 4-hour chart of UK crude oil
Technical analysis:
According to the 4-hour chart, the oil price has risen rapidly, the short-term is extremely strong, the MACD energy column has extended, the RSI index has rebounded again, and there is a high probability that it will continue to rise within the day.
Multi empty turning point: 120.590
Resistance level: 122.513, 124.024
Support position: 119.265, 117.940
Trading strategy: bullish above 120.590, target 122.513, 124.024
Alternative strategy: bearish below 120.590, target 119.265, 117.940
The above analysis is a personal point of view and is for reference only.
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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